U.S. Banking system allows processing of many types of electronic payments, including those made by consumer and non-consumer checks. The payments made with non-consumer checks have different processing procedures than those made with consumer checks. Thus, a creditor who receives both types of checks must manually sort the checks in order to separate the non-consumer checks from the consumer checks before they are processed.
Subsequently, the creditor must deposit the consumer checks in a different manner than the non-consumer checks. For example, the creditor may deposit the consumer checks by entering the corresponding transaction information (e.g., ABA No., account No., check No., etc.). However, the non-consumer checks must be deposited manually. There is a need for a single point of entry deposit system that would eliminate the need for a physical sorting of checks and allow creditors to deposit both types of checks electronically.